China to lift price controls on most drugs starting June 1

May 5, 2015 7:48 AM

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Chinese regulators will lift price controls on most medical drugs starting June 1 in hopes that a more market-driven pricing system will keep medical costs in check, the National Development and Reform Commission announced Tuesday.

The country's most powerful regulating agency said on its official website it would abandon the decades-long practice of price controls, except for narcotics and some psychiatric drugs, as part of drug price reform.